On Friday, Newell Brands Inc cut its forecast for its full-year net sales and profit, due to a reduced demand for the Sharpie-manufacturer’s Rubbermaid food containers and kitchen appliances, as households see their pocketbooks tapped out by inflation.

Newell’s business has suffered as rising prices due to high inflation have led consumers to reduce their spending on non-essential items such as sporting goods and baking-related items.

The manufacturer now says that the full-year 2023 net sales forecast is for between $8.2 billion and $8.34 billion with a profit per share coming in somewhere between 80 and 90 cents.

The previous forecast for annual net sales had been for between $8.4 billion to $8.6 billion and for an earnings per share of 95 cents to $1.08 per share.

In premarket trading following the report, shares were down roughly 2%.

The company has noted in April that it would be taking an incremental US pricing action which would affect about 30% of the US business, largely focused within the home and commercial solutions segment in the third quarter.

Newell produced earnings of 24 cents per share, which handily beat analyst expectations of 14 cents per share, according to Refinitiv IBES data.